Stocks

3 KSK entities plan to buy 20% more in Energy Ventures

Our Bureau Hyderabad | Updated on May 17, 2011

1818bl_kSK.eps

Open offer for acquiring stake from Lehman Brothers India





KSK Energy Company Pvt Ltd, KSK Energy Ltd and KSK Surya Ltd, all part of the KSK Energy (persons acting in concert-PAC), will make an open offer to acquire up to 20 per cent stake in KSK Energy Ventures Ltd.

The open offer process managed by Axis Bank Ltd is aimed at acquiring 7.45 crore shares equivalent to 20 per cent of the total company equity at a price of Rs 125 a share. The acquirers together currently hold 20.47 crore equity shares equivalent to about 54.94 per cent of the equity in the company. After completion of the offer, the promoters are likely to hold about 75 per cent of the equity.

The proposal is aimed at acquiring stake from LB (Lehman Brothers) India Holding Mauritius Ltd, which is amongst the early investors in the company even before the company entered capital market.

Agreement with LB

In a notification to the stock exchanges, KSK Energy Ventures Ltd informed that it had entered into an agreement with LB India Holdings into a non-statutory share lock-up agreement. According to this agreement, LB group has agreed not to sell, pledge or transfer 45.58 crore equity shares, equivalent to about 12.23 per cent of the voting rights till October 2011 without the consent.

The promoter group had now communicated that LB Group has requested for the consent to waive the non-statutory lock up. Accordingly, LB Group has been given consent to waive the lock-up time, enabling LB Group to sell or pledge shares at the sole discretion.

The offer for shares will open on July 9 and close on July 28.

KSK Energy shares closed the day's trade at Rs 114.90, against the previous close of Rs 115.50.



Published on May 17, 2011

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